Debt Clearing and Deposit Saving.......

Sarahwithlove

Have you got any balance transfer offers so that you don't pay as much interest? It's hard a hard decision to make. The bonus is handy but at the same time clearing as much debt as possible would be better. If you were to pay off the card and currys first how much would you manage to put in LISA do you think because you gave to remember it's about the difference between whether you get the full bonus or part bonus vs the interest you will pay. I don't think you'll be much better off really going down the LISA route and it's about if you have a change in circumstances in these 6 months. As we never know what's gonna happen or is round corner. I think I would focus on the cards and clear them. Have you looked at other ways to make money? I've just started doing match betting which if you have the time for initially can make you a couple hundred pounds. 

Emzilla

jwil said:

I think I'd prioritise clearing the card and Curry's first - maybe split between the three so you are getting something in the LISA.  I imagine the interest rate on your card is still higher than the interest rate on the LISA, even taking into account the bonus.  £400 interest in 7 months is just money down the drain.  Paying that off sooner means there's more money to go into the LISA pot in the long term.  

Thanks Jwil. I was thinking that last night. Wouldn't feel right putting money into the LISA when I've still got money outstanding on my CC.

Emz xx

Emzilla

Sarahwithlove said:

Have you got any balance transfer offers so that you don't pay as much interest? It's hard a hard decision to make. The bonus is handy but at the same time clearing as much debt as possible would be better. If you were to pay off the card and currys first how much would you manage to put in LISA do you think because you gave to remember it's about the difference between whether you get the full bonus or part bonus vs the interest you will pay. I don't think you'll be much better off really going down the LISA route and it's about if you have a change in circumstances in these 6 months. As we never know what's gonna happen or is round corner. I think I would focus on the cards and clear them. Have you looked at other ways to make money? I've just started doing match betting which if you have the time for initially can make you a couple hundred pounds. 

Thanks, I'll prioritise the debts first. I should be able to get them cleared by the end of the year, if I work hard and don't slack off!! Would mean paying around £500 a month, plus the interest that gets added. I would do a balance transfer, but my credit isn't great (will improve it over the next few years though), so I better just stick to paying this card off.

I have tried matched betting in the past, wasn't really for me. I do quite a few different things to earn extra cash, so I will see if I can add to those in any way.

Emz xx

beanielou

Remember too that your credit not being great will impact on your ability to get a mortgage. Xx

Emzilla

beanielou said:

Remember too that your credit not being great will impact on your ability to get a mortgage. Xx

Oh yeah, no way I'd be able to get one at the moment, but it will be improved by the time we're looking to get one.

Emz xx

Emzilla

I've got my planning head on at the moment, so please excuse my waffling.

I want to get the card and the Curry's debt cleared by the end of the year. The Curry's debt has to be paid by 22nd December to avoid paying any interest on it. That's just over £2,000, so £500 a month to clear. I thought I could get it from the following:

£200 from Textbroker - I would need to be writing at least one good sized article or two smaller ones each weekday to get to that figure a month really. Weekends are pretty slim pickings on there, and I'll need to be on the ball to grab them, as they do tend to go really quickly.

£100 from surveys - Might sound like quite a lot from just surveys, but I do quite a few Prolific surveys, and in July I earned £51.33 on there alone, so I think it's doable. I would only count surveys that pay in cash and not vouchers.

£100 from our bank account - I would say more, but I want to try and concentrate on clearing it with the extra money I'm earning, instead of dipping into our account too much. I think sending over £10 here and there won't be a problem, plus I'll pay the interest each month from our account so the balance doesn't go up (paid £48.88 this morning because the interest has just been added on).

£100 from Miscellaneous - So if I earn a bit extra from Textbroker or surveys one month, it will come under this. Likewise, any earnings I can get that are one-offs, like focus groups, Topcashback, selling stuff on eBay or Gumtree etc.

£50 Amazon vouchers - I want to try and get some Amazon vouchers saved up too, more for Christmas than anything else, so it's not too costly. They also really help when we need something for the house, or getting food and stuff for my chinchillas and degus.

Hopefully that plan will work. If I can then carry it on from January to the start of April, I can get £1,500 into the LISA. I'm still saving £25 a week automatically in there, so there will be £400-£500 in there, so I should be able to get to £2,000, plus the £500 bonus by April. Will then be able to start afresh from April next year and get the £4,000 for the year in there, and get the full bonus. I obviously wouldn't need to save as much as £500 a month in there, but I could also put £100 a month aside in another account to build up an emergency fund, seeing as my debts would be clear.

I'll make a start straight away, and count the last week or so of August as September. Always good to get a head start!!

Emz xx

Buffythedebtslayer

Emzilla said:

Buffythedebtslayer said:

ooo exciting times Emz! 
I shall follow. No idea what a LISA is but I have a help to buy ISA so I suppose that is a similar thing? 

XXX

Hey Buffy

They don't do the help to buy ISAs anymore, and a LISA is the next best thing, so I quickly opened one up before I hit my 40th birthday next year, as I would have been too old then. I think we've probably left it a bit late to buy our first house, and we might only be able to get a 20 year mortgage (OH is 45 this year), but TBH, I really didn't think I was going to live long enough to be able to get a house. Now knowing that I will get the CF wonder drug shortly, I actually have hope that I might live into my 50's, 60's and maybe even beyond!! Time to plan for a future that I didn't think I had.

Emz xx

That is just so amazing. SO amazing to read XXX 

I am a similar age and really only just got a buy a house mindset. Big love Emz XXXX 

Buffythedebtslayer

Hope you are doing ok Emz, I lost your diary for a while! Check in when you can XX 

beanielou

Yes, Emz, be good to hear from you.
Was thinking about you the other day wen I watched a programme about Papworth.  xx

Emzilla

Hi everyone

It's been a really rough couple of months. Just after I last posted, we found out that my OH's dad had cancer, and they gave him 6 weeks to live. He didn't even last a week after that, so he passed away at the end of August. Our life has basically been turned upside down since then. His mum has taken it really badly, and is still not coping well now. She has been going too and fro from her home to ours, staying with us for about half of that time. My OH has been with her 24/7 basically as she doesn't want to stay in the house on her own. Only this past week has she actually stayed there on her own for a few nights, but my OH is back with her today (she lives 2 hours away from us). She has put her house on the market to move back nearer us, but my OH and I have had to take care of everything basically.

It's been very stressful, as she isn't coping well and is starting to take it out on my OH, despite everything he has done for her. I'm really having to bite my tongue a lot, and try not to snap at her myself for being so rude. I know she's grieving, but there is a way to deal with these things, and she just isn't dealing with it at all. She is wallowing, and doesn't want to help herself move on. This may sound a bit harsh, but some of you will remember what I went through nearly 15 years ago when my dad (who was only 60) and my baby nephew (18 days old) passed away within 5 days of each other. We all coped and got through it, without turning on each other and being rude, manipulative and aggressive. I have slightly washed my hands of her now, as she is not accepting any real help, and I am disgusted with the way she is treating my OH.

I've hardly been able to do anything recently earnings wise, as it has all been about his mum and sorting stuff out for her. I really need to start concentrating on me and my OH instead of doing everything for her. She needs to start sorting stuff out herself. I have literally been a glorified secretary for her the past couple of months.

Anyway, my health has been going okay. I had a course of IVs about a month ago, which were just my usual top-up, as I haven't been ill. I started my new wonder drug a couple of weeks ago. It hasn't had the immediate effect that I would have liked. I am able to breathe more easily, however, I still need oxygen at the moment, and my stats haven't really improved yet. I gained a couple of percent in lung function, but I think it will take some work to get off the oxygen. It's slightly easier for me to exercise now, so I really need to start doing things again. It hasn't been easy recently, especially with his mum and her dog taking up residence in our 2-bed flat. My hope is that my lungs will get stronger and clearer over time and I can work to get myself off the oxygen, just like I had to work to get off the Bipap machine. It might take a bit longer than I thought, but I will get there!!

Another thing that will hopefully help, is that I am going back to work in November. I'm only doing 9 hours a week (3 x 3 hour shifts - all in the evening when it's less busy), and I will be mainly behind the till, as there are screens up, so I won't have as much face to face contact with customers. I'll wear a mask and a shield too. I know that things are getting bad again, but I can't not work forever. I think there's always going to be a risk, but as long as I'm careful, I'm hoping it will all be okay.

I need to get my life moving again, and start paying stuff off. I've put nothing in the house savings, but that will have to wait a while now I think. There's issues with money that my OH owes his parents (which we have been paying off for ages), but I think she will up the pressure to get it paid off sooner now, which means we won't be able to save for a house for a few years. I will see what I can do with at least getting £4k a year into the LISA, but I think I won't be able to start doing that again until April.

My first goal has to be to pay off my iPhone on the Curry's account, as that's due on 22nd December. I've got £304 left on there, so will get cracking with that, and then tackle my credit card from then onwards.

Sorry for the long post. I'm going to post a to-do list for tomorrow, but will do that separately. I think I need to be really organised to get moving again.

Emz xx